Brean Murray Carret notes, "We continue to view Dell as an undervalued asset (see our sum of the parts in Figures 2 & 3), while also acknowledging N‐T catalysts are tough to identify in a softening PC environment (although it could already be in the numbers). While Dell fully acknowledges that the current demand environment has softened (particularly PC's), we also don't believe their expectations have much changed since the May 22nd earnings call. The ongoing strategy is to harvest the PC business for cash (52% of revenue) while investing in and driving enterprise growth (48% of revenue)."